控制权与公司绩效:中国民营上市公司ST化的合理解释

The Company Control and Company Performance:The Reasonable Explanation of ST Phenomenon in Chinese Private Listed Company

从股权结构的角度对控制权指标进行选定和度量,以主营业务收益率、管理费用除以主营业务收益的比率作为公司控制权在经营绩效上的反映,建立了一个股权分散、控制权弱化与公司经营绩效的因果模型,并以中国ST民营企业数据进行实证。结果表明,公司的ST化与股权的制衡化以及第一大股东对董事会、总经理的直接控制能力下降(控制权弱化)存在显著正相关关系。因此,现代企业应该强化第一大股东的控制权,控制权转移应和股权转让相一致,才能有利于我国上市公司的长远发展。

A causal model of ownership structure, control power and performance is estab- lished to explain ST phenomenon in private listed company in China. In the model, indexes to control measure are selected from the perspective of ownership structure, and yield of main busi- ness, namely management fee deride main business revenue is regarded as the influence degree of control on performance. The results show that ST is significant positive related with company ownership structure and the reduction of the biggest shareholder＇s control on the directorate and general manager. So the control power of biggest shareholder should be strengthened, and the control right should be consistent with ownership structure.